Fitch lowers Chesapeake Energy outlook

Fitch Ratings said it revised Chesapeake Energy Corp.'s outlook to negative from stable.

In addition, Fitch said it affirmed the company's existing ratings.

The agency said the revised outlook stems from a still aggressive capital spending program for 2012 in a very weak natural gas environment.

According to Fitch, the company's 2012 spending plans remain essentially unchanged in terms of magnitude and will create a large funding gap between cash flow from operations and capital spending and leasehold acquisitions which is expected to be filled mostly from proceeds from asset sales and various monetizations.

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